Vote on tax overhaul plan expected this week

Posted: Updated:
WASHINGTON -

The battle over taxes continues in Washington, and Congress is expected to pass the Republican plan this week.

President Donald Trump's $1.5 billion plan will go to a vote, but many Long Islanders are convinced it will benefit the wealthy at the expense of the middle class.

The popular online Real Estate website Trulia says Long Island tops the list of regions across the country that will be hit the hardest.

Analyst Marty Cantor says the main reason is the provision that caps the IRS deduction for state local property taxes at $10,000.

Currently, residents can deduct the total amount of property taxes and any state income tax paid. Cantor says that will affect current and future homeowners in a few different ways. First, real estate values in the short term will go down.

In the House proposal, the Republican-led tax overhaul plan cut the number of individual income tax brackets to four. However, after it was reconciled in both chambers of Congress, lawmakers agreed to the Senate's plan of keeping the current seven brackets, but lowering the rates in those brackets.

Still, some Long Islanders remain skeptical as to who will ultimately benefit.

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